The IRS has issued final regulations regarding contributions in exchange for state tax credits. Under the regulation, a donor who takes a federal tax deduction and also receives a state credit must reduce the federal deduction by the amount of the state credit. The Land Trust Alliance is coordinating efforts for a legislative fix to the regulations and Keep It Colorado is participating. We encourage your involvement too. Click the links below to learn more and take action.
SALT & Colorado - HB19 1264 originally increased the tax credit to 90%. This clause was voluntarily removed from the bill to ensure positive momentum and passage. With no real negative feedback on the increase from legislators, the HB19 1264 Working Group is discussing this as a potential solution to the SALT implications. We will have more updates and opportunities for member feedback prior to the Fall Policy Summit.
Get Involved - We welcome you reaching out to our delegation. Below is a template letter and legislative proposal provided by LTA.
Should you need contact information for a Senator or Representative, please email Melissa at Melissa@keepitco.org.